$NZ strong

Press, 26 July 1984, Page 26

$NZ strong

PA Wellington The New Zealand dollar strengthened on the back of a stronger Australian dollar in foreign-exchange trading yesterday. The Australian dollar opened at SUSO.B2BO and due to strong buying tested 0.8350 at its high point. In later trading it drifted back to 0.8300. The New Zealand dollar Reserve Bank indicative mid-rate . closed at $U50.4963, the same as its opening, but dealers were trading at the top side of this at 0.4965/68 at the close. The New Zealand dollar reached a high bf 0.4972/75. The American dollar closed near its opening against the mark at 2.8678/88. Dealers said most people were holding off until after the speech to Congress of the chairman of the Federal Reserve Board, Mr Paul Volcker, but they do not expect any major changes to Federal Reserve policy. Yen weakened against the dollar, opening at 245.60/70 and closing at 246.05/15. Sterling remained steady through the day, closing at $U51.3234/41, compared with Its opening at $U51.3240/50. NZPA-AP reports that the American dollar reached new heights on Tuesday against the currencies of France, Spain, Belgium, Denmark, Finland, Norway, and Sweden, and reached an U-year peak against the West German mark before giving ground late in the day. Gold drifted in a narrow range. Foreign-ex-change dealers said the dollar slipped as traders sold the currency to cash in on its explosive gains. The Bank of Japan was reported by traders to have intervened in currency markets to help hold down the dollar.